Sui Crypto Price Forms Bullish Double Bottom at $1.32: Is a Rally Ahead?

Sui crypto has recently shown signs of a potential recovery after a prolonged bearish phase. With the formation of a bullish double bottom at the critical support level of $1.32, there is speculation about a possible upward price movement towards higher targets, particularly if it breaks above the key resistance of $1.66.

Key Takeaways

The price of Sui crypto is forming a bullish double bottom pattern at the $1.32 support level.
A breakout above the resistance at $1.66 could lead to further gains, potentially reaching $2.19.
The recent launch of the USDsui stablecoin may bolster on-chain commerce, although its immediate impact on price is yet to be seen.
A break from the current bearish trend relies on higher trading volume and reclaiming essential resistance levels.

SUI bullish double bottom suggest reversal in price

Main Content

Sui crypto has begun to display its first significant signs of recovery after a lengthy period of bearish sentiment that has influenced its price in recent weeks. The asset had been consistently forming lower highs and lower lows, reflecting a strong downward trend on the daily chart. However, a promising shift in momentum is now taking shape, highlighted by the establishment of a bullish double bottom pattern at the crucial $1.32 support level.

This attempt at recovery coincides with the launch of Sui's USDsui stablecoin aimed at supporting on-chain commerce. Although this rollout has not yet made an immediate impact on price behavior, the market is becoming optimistic as the price reacts positively from this support zone. There is growing speculation about the potential for a larger trend reversal, especially if key resistance levels can be reclaimed in the near future.

Technical Analysis of Sui Crypto Price

Sui crypto price forms bullish double bottom at $1.32; Rally ahead? - 1
SUIUSDT (4H) Chart, Source: TradingView

For several weeks, Sui has been operating within a clearly bearish framework, marked by consecutive lower highs and lower lows. Such patterns generally suggest a continuation of a downward trajectory, especially when accompanied by weak bullish momentum. The ongoing market structure displayed persistent selling pressure, which consistently hindered Sui's recovery efforts.

Nonetheless, Sui has now reached a critical inflection point, having tested the $1.32 support zone twice, forming what resembles a classical double-bottom reversal pattern. The momentum shift correlates with the recent rollout of Sui’s upgraded Mysticeti v2 consensus engine, though the short-term price impact remains to be seen.

For this bullish reversal pattern to fully develop, the neckline resistance—which lies around $1.66—must be breached. This level is particularly significant as it sits just above a bearish order block that has consistently limited price movements during the downtrend. Surpassing the $1.66 mark with increasing bullish volume would validate both a breakout and a transformation in market structure.

Reclaiming $1.66 Could Intensify Momentum

A confirmed breakout above the $1.66 threshold would likely pave the way toward the next prominent daily resistance at approximately $2.19. This price point represents a significant technical barrier from earlier market activity, historically serving as a pivotal area.

With renewed interest from market participants around the $1.32 level, reclaiming $1.66 could quickly escalate momentum as short positions are liquidated and new long positions enter the market. Structurally, such a breakout would mark a transition from a bearish trend characterized by lower highs and lower lows to an emerging pattern of higher highs and higher lows, indicating a potential reversal in favor of bulls, particularly if the volume supports this trend.

Future Price Action Expectations

Should Sui successfully reclaim the $1.66 neckline with robust volume, a sustained rally towards $2.19 becomes increasingly likely. Conversely, failing to surpass this resistance may result in continued consolidation around the $1.32 support level, with downside risks resurfacing if that support weakens. Overall, while the market structure appears promising, confirmation through trading activity remains critical for validation.